In today's episode, I talk about why you need to know your economic value for your firm and how you measure it. In the modern law firm environment, especially within large law firms, understanding the business of law is as crucial as mastering your legal practice. We'll explore how to identify the financial metrics that firms use to evaluate your performance, the importance of aligning your contributions with your firm's financial goals, and practical strategies to ensure your value is recognized and rewarded.
At a glance:
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00:00:00 – Introduction
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00:01:19 – Importance of understanding your economic value in a large law firm
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00:01:49 – How law firms evaluate economic contributions and the factors that contribute to it
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00:03:10 – Key metrics and financial measures used by firms to assess value
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00:03:30 – Challenges junior lawyers face in understanding firm economics
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00:04:39 – Adapting to changing financial expectations within a firm
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00:06:08 – Firm’s regular financial evaluations and their impact on lawyers
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00:07:22 – Seeking resources to understand and navigate firm metrics
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00:09:07 – Importance of aligning with the firm’s financial goals and using internal resources
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00:10:22 – Evaluating your own performance and understanding client retention and profitability
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00:12:09 – Senior associate considerations and client billing rates
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00:13:23 – Partner-specific financial responsibilities and profitability
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00:14:32 – Final thoughts on understanding the business side of law and advocating for oneself
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Interested in doing 1-2-1 coaching with Laura Terrell? Or learning more about her work coaching and consulting? - here are ways to reach out to her:
www.lauraterrell.com
laura@lauraterrell.com
LinkedIn: https://www.linkedin.com/in/lauralterrell/
Instagram: https://www.instagram.com/lauraterrellcoaching/
Show notes: https://www.lauraterrell.com/podcast
